olivLaw · US equity research
Cohen & Steers, Inc. CNS
Investment Advice · SIC 6282 · Vertical: Investment Advice (SIC 6282)
Cohen & Steers is a global investment manager specializing in real assets and alternative income, headquartered in New York with offices in London, Dublin, Hong Kong, Tokyo and Singapore. Assets under management rose to 90.5 bn USD at the end of fiscal 2025 and to 100.1 bn USD by June 30, 2026, so fund performance matters greatly for its revenue.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cohen & Steers, Inc. (CNS) stock was 75.71 USD (+3.57% on the day), with market capitalisation 3.9 bn USD, P/E 23.3 on diluted EPS of 3.26 USD over the last 12 months, dividend yield 3.47%, beta 0.86, 52-week range 59.24–85.65 USD. Latest reported quarter (Q3 2026): revenue of 157.4 m USD (+11.1% YoY), net income of 42.2 m USD (+1.3% YoY), diluted EPS 0.81 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.7
- strong (55–70)
- Bollinger (20, 2)
- 66.55 – 75.17
- above the upper band · %B 1.06 · band width 12.2%
- SMA 50 / 200
- 73.96 / 72.07
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.13 / -0.66
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +3.7% | −1.1% | +4.8 pp | — |
| 3 months | −10.1% | −0.5% | −9.7 pp | — |
| 6 months | +7.3% | +4.4% | +2.9 pp | — |
| Year to date | +20.6% | +12.3% | +8.3 pp | — |
| 1 year | +12.7% | +13.5% | −0.8 pp | −5.9% |
| 3 years | +33.6% | +76.4% | −42.9 pp | +21.9% |
| 5 years | −24.6% | +63.7% | −88.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 139.8 m | 134.5 m | 136.1 m | 141.7 m | 143.8 m | 145.6 m | 152.7 m | 157.4 m |
| Operating income | 49.3 m | 45.2 m | 43.3 m | 48.9 m | 40.3 m | 50.1 m | 52.8 m | 51.1 m |
| Depreciation & amortisation | 2.4 m | 2.4 m | 2.4 m | 2.5 m | 2.5 m | 2.6 m | 2.6 m | 2.7 m |
| Pre-tax income | 55.7 m | 53.0 m | 53.8 m | 55.6 m | 42.3 m | 57.2 m | 72.0 m | 56.0 m |
| Income tax | 12.7 m | — | 12.1 m | 13.9 m | — | — | 16.4 m | 15.2 m |
| Net income | 45.8 m | 39.8 m | 36.8 m | 41.7 m | 34.9 m | 42.4 m | 49.3 m | 42.2 m |
| Diluted EPS | 0.89 ≈ | 0.77 | 0.72 | 0.81 | 0.68 ≈ | 0.82 | 0.95 | 0.81 |
| Operating cash flow | 34.8 m | -108.9 m | -67.6 m ≈ | 55.1 m ≈ | 1.1 m | -51.4 m | 67.4 m ≈ | 20.9 m ≈ |
| Capex | 1.7 m | 1.1 m | 2.1 m ≈ | 2.5 m ≈ | 282.0 k | — | — | 879.0 k ≈ |
| Dividends paid | 30.0 m | 31.7 m | 31.7 m ≈ | 31.7 m ≈ | 31.8 m | 34.5 m | 34.5 m ≈ | 34.5 m ≈ |
| Share repurchases | 1.5 m | 26.0 m | 621.0 k ≈ | 258.0 k ≈ | 1.6 m | 16.9 m | 394.0 k ≈ | 358.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 63 percentile of its own 40-quarter history (min 14.2, median 21.2, max 47.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 381.1 m | 410.8 m | 427.5 m | 583.8 m | 566.9 m | 489.6 m | 517.4 m | 556.1 m |
| Revenue YoY | +0.6% | +7.8% | +4.1% | +36.6% | −2.9% | −13.6% | +5.7% | +7.5% |
| Net income | 113.9 m | 134.6 m | 76.6 m | 211.4 m | 171.0 m | 129.0 m | 151.3 m | 153.2 m |
| Net income YoY | +23.9% | +18.2% | −43.1% | +176.0% | −19.1% | −24.6% | +17.2% | +1.3% |
| Diluted EPS | 2.40 | 2.79 | 1.57 | 4.31 | 3.47 | 2.60 | 2.97 | 2.97 |
| Diluted EPS YoY | +22.4% | +16.3% | −43.7% | +174.5% | −19.5% | −25.1% | +14.2% | 0.0% |
| net % | 29.9% | 32.8% | 17.9% | 36.2% | 30.2% | 26.4% | 29.2% | 27.6% |
| Free cash flow | 69.1 m | 138.7 m | 86.7 m | 240.2 m | 57.5 m | 115.0 m | 85.0 m | -126.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 145.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 611.0 m USD
- Total assets
- 876.7 m USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 27.1%
- ROA
- 18.1%
- FCF margin
- -22.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 427.5 m | 583.8 m | 566.9 m | 489.6 m | 517.4 m | 556.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 95.1 m | 260.4 m | 215.9 m | 164.5 m | 172.9 m | 177.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 4.7 m | 4.1 m | 4.4 m | 4.1 m | 9.3 m | 9.8 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 99.7 m ≈ | 264.5 m ≈ | 220.3 m ≈ | 168.6 m ≈ | 182.2 m ≈ | 187.5 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 93.4 m | 281.9 m | 196.9 m | 180.3 m | 209.5 m | 204.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 18.2 m | 55.8 m | 47.4 m | 43.6 m | 46.7 m | — | SEC (XBRL)· 21 Feb 2025verified |
| Net income | 76.6 m | 211.4 m | 171.0 m | 129.0 m | 151.3 m | 153.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 1.57 | 4.31 | 3.47 | 2.60 | 2.97 | 2.97 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 48.7 m | 49.1 m | 49.3 m | 49.6 m | 50.9 m | 51.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 2.56 | 3.05 | 2.20 | 2.28 | 2.36 | 2.48 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 41.2 m | 184.4 m | 247.4 m | 187.4 m | 183.0 m | 145.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 10.3 m | 8.9 m | 8.8 m | 66.3 m | 68.6 m | 65.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 19.2 m | 18.4 m | 17.8 m | 18.1 m | 17.5 m | 18.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 348.5 m | 492.7 m | 673.4 m | 736.6 m | 812.4 m | 876.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 123.5 m | 148.4 m | 246.4 m | 243.9 m | 237.5 m | 242.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 174.2 m † | 255.2 m | 341.6 m | 386.2 m | 521.4 m | 611.0 m | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 89.2 m | 242.9 m | 61.7 m | 172.0 m | 96.7 m | -120.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 2.5 m | 2.7 m | 4.2 m | 57.0 m | 11.7 m | 6.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 86.7 m ≈ | 240.2 m ≈ | 57.5 m ≈ | 115.0 m ≈ | 85.0 m ≈ | -126.4 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -1.8 m | 47.6 m | -2.9 m | -114.8 m | -119.7 m | 8.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -148.9 m | -145.4 m | 9.0 m | -119.1 m | 18.2 m | 73.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 122.5 m | 147.6 m | 107.4 m | 112.4 m | 119.2 m | 126.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 25.9 m | 22.6 m | 26.8 m | 21.5 m | 21.1 m | 28.4 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.9 bn USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 32.59 – 98.13 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E53.15 – 98.13 (Mid 71.81)28 companies used · median multiple 22.1x · quartiles 16.3x – 30.1xAAMI, ABX, AMG, AMP, APAM, APO, ARES, BEN, BVC, BX, CG, GCMG, GROW, HLI, HNNA, KKR, LAZ, MORN, NOAH, PAX, PJT, RILY, RPC, TROW, VALU, VCTR, VRTS, WHG
- Dividend discount (DDM)32.59 – 43.83 (Mid 37.38)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 28.2% | 79 (vs peers) | 11% |
| FCF conversion · Quality | 21.2% | 0 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -0.6% | 0 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | -5.1% | 0 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 23.3x | 47 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.9% | 11 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 4.0% | 57 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 378.5% | 0 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality40/100 · 2/3 factors with a value
- Returns34/100 · 2/2 factors with a value
- Valuation31/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
COHEN & STEERS, INC. (CNS). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 556.1 m USD in 2025; YoY growth 7.5%; net margin 28.2%; ROE 29.2%.
The estimated value range is 42.87–70.98 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 54.59 USD, the price of 75.71 USD leaves a potential of -27.9% (value / price − 1) and a margin of safety of -38.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 28.2%
What contradicts it
- FCF conversion: 21.2%
- Revenue CAGR 3Y: -0.6%
- EPS CAGR 3Y: -5.1%
- FCF yield: 0.9%
- Payout ratio (FCF): 378.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Investment Advice (SIC 6282) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BXBlackstone Inc. | 94.3 bn | 28.1 | 40.5% | 21.8% | +9.2% | −14% / +12% |
| KKRKkr & Co. Inc. | 91.0 bn | 28.9 | 10.6% | 14.8% | −11.0% | −17% / +34% |
| APOApollo Global Management, Inc. | 72.5 bn | 43.8 | 9.3% | 5.2% | +22.7% | −7% / +33% |
| AMPAmeriprise Financial, Inc. | 45.8 bn | 11.9 | 72.0% | 20.7% | +5.5% | +16% / +49% |
| TROWPrice T Rowe Group Inc | 24.0 bn | 11.3 | 19.7% | 28.4% | +3.1% | +10% / +12% |
| BENFranklin Resources Inc | 17.2 bn | 22.8 | 6.8% | 8.7% | +3.5% | +50% / +37% |
| CGCarlyle Group Inc. | 15.2 bn | 44.6 | 5.2% | 10.1% | −11.9% | −22% / +25% |
| ARESAres Management Corporation | 14.1 bn | 22.2 | 15.3% | 12.0% | +28.9% | −13% / +22% |
| IVZInvesco Ltd. | 12.9 bn | — | -0.6% | -1.2% | +5.1% | +20% / +106% |
| AMGAffiliated Managers Group, Inc. | 9.4 bn | 17.8 | 18.9% | 26.9% | +1.6% | +36% / +169% |
| MORNMorningstar, Inc. | 9.1 bn | 21.4 | 35.1% | 17.0% | +7.5% | +14% / −14% |
| VCTRVictory Capital Holdings, Inc. | 7.4 bn | 20.6 | 19.0% | 29.6% | +46.2% | +91% / +274% |
| MAASMAASE Inc. | 4.9 bn | — | -7.2% | -102.1% | −75.2% | +182% / −95% |
| LAZLazard, Inc. | 4.5 bn | 24.4 | 20.6% | 5.5% | +1.5% | −19% / +36% |
| PJTPJT Partners Inc. | 3.9 bn | 19.7 | 83.2% | 10.6% | +14.8% | −6% / +76% |
| CNSCohen & Steers, Inc. | 3.9 bn | 23.3 | 29.2% | 28.2% | +7.5% | +13% / +34% |
| APAMArtisan Partners Asset Management Inc. | 3.3 bn | 9.3 | 73.1% | 24.5% | +7.6% | −2% / +7% |
| AAMIAcadian Asset Management Inc. | 3.3 bn | 32.4 | — | 15.2% | +11.5% | +104% / +425% |
| NOAHNoah Holdings Ltd | 2.4 bn | 30.7 | 5.8% | 21.4% | +4.8% | −31% / −45% |
| ABXAbacus Global Management, Inc. | 885.0 m | 32.5 | 6.6% | 10.5% | +110.2% | +37% / +31% |
| VRTSVirtus Investment Partners, Inc. | 853.6 m | 7.4 | 12.6% | 14.0% | −6.0% | −19% / −34% |
| GCMGGCM Grosvenor Inc. | 550.6 m | 30.0 | 682.1% | 7.8% | +8.5% | +19% / +61% |
| VALUValue Line, Inc. | 416.6 m | 21.0 | 18.7% | 60.3% | −4.7% | +20% / +6% |
| WHGWestwood Holdings Group, Inc. | 182.5 m | 21.9 | 6.4% | 7.8% | +3.2% | +14% / +75% |
| RILYBRC Group Holdings, Inc. | 154.0 m | 0.3 | — | 35.9% | +29.6% | −12% / −79% |
1- and 3-year price returns: for CNS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 42.79 Total return -41% · Per year -41% | 75.85 Total return 4% · Per year 4% | 114.53 Total return 55% · Per year 55% |
| 3 years | 37.35 Total return -43% · Per year -17% | 74.89 Total return 9% · Per year 3% | 124.74 Total return 78% · Per year 21% |
| 5 years | 32.60 Total return -45% · Per year -11% | 73.94 Total return 15% · Per year 3% | 135.85 Total return 102% · Per year 15% |
- Exit P/E± 18.72
- Net margin± 13.11
- Annual revenue growth± 11.32
- Annual dilution± 1.10
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (30 Oct 2026).
In brief
Cohen & Steers is a global investment manager specializing in real assets and alternative income, headquartered in New York with offices in London, Dublin, Hong Kong, Tokyo and Singapore. Assets under management rose to 90.5 bn USD at the end of fiscal 2025 and to 100.1 bn USD by June 30, 2026, so fund performance matters greatly for its revenue.
SWOT
Strengths
- Specialization in real assets and alternative income gives a clear identity in the market, and the strategy range covers several asset classes 1.
- Distribution through two channels, wealth and institutional, reduces dependence on one type of client 1.
- Growth in assets under management during 2025 and the first half of 2026 shows the ability to attract flows and benefit from market appreciation 12.
Weaknesses
- A large share of assets is concentrated in real estate strategies, making revenue sensitive to a single sector 1.
- Revenue depends on the level of assets managed, so market declines pass quickly into results 1.
- The company commits capital to seed new products, which can expose it to losses on initial investments 1.
Opportunities
- The launch of active ETFs in 2025 and December 2025 opens access to investors who prefer exchange-traded products 1.
- Interest in infrastructure and natural resources could generate additional flows if the theme remains in focus 12.
- Expanding presence in more jurisdictions and through distribution partners could add new assets 1.
Threats
- Weaker performance of real estate or preferred securities could reduce assets and fees 1.
- Higher interest rates can draw capital toward lower-risk fixed income, at the expense of active strategies 1.
- Regulation across several jurisdictions and possible sanctions for non-compliance could affect operations 1.
Risks
- Real estate concentrationhigh
A very large share of assets is tied to real estate strategies, so a sector decline could reduce revenue directly 1.
- Preferred securities concentrationmedium
Preferred securities strategies are exposed to sector risks in banking and the financial industry, which could affect portfolio values 1.
- Indebtednessmedium
An unsecured revolving credit facility exists, and a breach of financial covenants could lead to accelerated repayment of borrowings 1.
- Dependence on key personnelmedium
The business relies on the experience of a few senior executives and portfolio managers, and losing them could affect assets and clients 1.
- Information securitylow
Weak information security policies could lead to financial losses, reputational harm and regulatory sanctions 1.
Investment thesis
What would need to be true (bull case)
- Assets under management grew through 2025 and the first half of 2026, and a supportive market could sustain this trend 12.
- The range of real asset and alternative income strategies offers diversification and can attract flows from several directions 1.
- Recent active ETF launches could widen the client base if demand for such products strengthens 1.
What would break the thesis
- Heavy concentration in real estate and preferred securities makes revenue sensitive to the cycles of these sectors 1.
- Higher interest rates could reduce the appeal of active strategies relative to fixed income 1.
- Dependence on a few executives and portfolio managers could affect strategic continuity if succession does not go smoothly 1.
What to watch
- Trend in assets under management and net flows in the quarterly reportQ3 2026
- Performance of real estate and preferred securities strategies against benchmarks2027
- Pace of launches and flows into the new active ETFs2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 15 Oct 2026; since then the company filed 10-Q (30 Oct 2026).
The business
Cohen & Steers, founded in 1986 and organized as a Delaware corporation in 2004, is an investment manager offering strategies in listed and private real estate, preferred securities, infrastructure, resource equities and multi-strategy solutions. The company distributes its products through two channels: wealth, which includes private banks, wirehouses and independent advisers, and institutional, which covers sovereign wealth funds, pension plans, insurers and endowments. Revenue comes from contractual fees applied to the value of assets managed, sometimes with a performance-based component, as described in 1.
The firm manages open-end funds, institutional accounts and closed-end funds listed on the New York Stock Exchange. In December 2025 it launched two new active ETF strategies, listed infrastructure and short duration preferred securities, in addition to three strategies launched in 2025 1. Revenue fluctuates with the value of assets managed, which depends on market appreciation, investor flows and distributions 1.
The structure consists of a holding company and several subsidiaries regulated in the US, the UK, Ireland, Hong Kong, Japan and Singapore. The US advisory subsidiary is registered with the SEC, and a broker-dealer subsidiary is regulated by the SEC and FINRA 1.
Segments
Real estate and preferred securities
Listed and private real estate strategies and preferred securities form the core of the business. At December 31, 2025 a large share of assets was concentrated in listed real estate strategies, and preferred securities also held a significant share 1. Their sensitivity to interest rates and the property market ties results to the economic cycle.
Infrastructure and resource equities
Global listed infrastructure, resource equities and multi-strategy real assets are the growth areas noted in the 2025 and 2026 reports. Net inflows into global listed infrastructure and the multi-strategy product are highlighted in the semi-annual filing 2.
Market context
The market for real asset and alternative income managers is competitive, with large fund sponsors and boutiques specialized by asset class. Revenue depends on the level of assets managed, and therefore on market performance and client flows. Assets rose to 90.5 bn USD at the end of fiscal 2025 1 and to 100.1 bn USD at June 30, 2026 2.
The macroeconomic backdrop remains volatile. Investors watch the effects of artificial intelligence adoption, conditions in private credit markets and geopolitical developments in the Middle East, which could influence commodity prices and inflation 2. Monetary policy and trade uncertainty have shaped flows across regions and sectors 1.
Trends
- Interest rate cyclemixed
Federal Reserve rate cuts begun in 2025 could support real estate values and the appeal of preferred securities, but competition from fixed income instruments may reduce interest in active strategies 1.
- Demand for infrastructure and resourcestailwind
Investor interest in infrastructure and natural resources produced net inflows in 2025 and 2026, which could continue if the theme stays attractive 12.
- Uncertainty in private credit marketsheadwind
Conditions in private credit markets and risks in the banking sector could affect preferred securities values and investor confidence if tensions spread 2.
- Pressure on office real estateheadwind
Difficulties in the commercial property sector, particularly offices, could reduce portfolio values and revenue if the trend persists 1.
Competitive position
Cohen & Steers competes with large fund and ETF sponsors, commercial banks, broker-dealers and specialized boutiques. The company states that performance relative to benchmarks and fees are the main criteria clients use to choose managers 1.
In the institutional channel the firm competes with several managers offering similar products, from small boutiques to major banks. In the wealth channel it also competes with managers running separate accounts for high net worth clients 1.
- Large fund and ETF sponsors
Nationally recognized investment managers with broader product ranges that compete in the wealth channel.
- Specialized boutique managers
Smaller managers focused on real estate or other asset classes, present in both wealth and institutional channels.
- Commercial and investment banks
Financial institutions with asset management divisions that attract clients through banking and underwriting relationships.
- Broker-dealers and insurance companies
Rivals offering investment products through their distribution networks and insurance agencies.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report30 Oct 2026
- Current report15 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report16 Jul 2026Results of operations · Financial statements and exhibits
- Current report21 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report04 May 2026Shareholder vote
- Quarterly report01 May 2026
- Current report16 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement20 Mar 2026
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cohen & Steers, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cohen & Steers, Inc. · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cohen & Steers, Inc. · 15 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.